Flexsteel Industries, Inc.
FLXS Consumer Cyclical Furnishings Fixtures & Appliances
Flexsteel Industries, Inc.’s revenue for fiscal 2026 (year ended June 2026) was $459.2 million, up 4.10% from fiscal 2025. In the quarter to June 2026, revenue was flat, EPS grew 38.9% and free cash flow grew 25.6%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three, operating cash flow growth for five.
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Flexsteel Industries, Inc. (FLXS) Beneish M-score
Flexsteel Industries, Inc.'s Beneish M-score for fiscal 2026 is −2.85; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.85 | 0.10 |
| FY2025 | −2.96 | (0.26) |
| FY2024 | −2.70 | (0.36) |
| FY2023 | −2.34 | (0.03) |
| FY2022 | −2.30 | (1.47) |
| FY2021 | −0.84 | 2.63 |
| FY2020 | −3.47 | (0.83) |
| FY2019 | −2.64 | (0.06) |
| FY2018 | −2.58 | 0.16 |
| FY2017 | −2.74 | 0.42 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.16 | — | 1.07 | |
| Gross margin index | 0.90 | — | 0.47 | |
| Asset quality index | 0.90 | — | 0.36 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 1.36 | — | −0.44 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.85 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ATER Aterian, Inc. compare | −4.2× |
| COOK Traeger, Inc. compare | −3.5× |
| LOVE The Lovesac Company compare | −3.1× |
| FLXS Flexsteel Industries, Inc. | −2.9× |
| ETD Ethan Allen Interiors Inc. compare | −2.8× |
| LCUT Lifetime Brands, Inc. compare | −2.8× |
| BSET Bassett Furniture Industries, Incorporated compare | −2.7× |
| HBB Hamilton Beach Brands Holding Company compare | −2.4× |
| XMAX XMax Inc. compare | 23.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI